Twenty-twelve [P&L]

[masterm1ne]

Quote from masterm1ne:

Short 1313 x 1 ESM2
Stop 1317, PT 1300.

Well, stop was hit. Turns out had I used a closer profit target, I would have made money. This is the part that makes it hard to trade part time at least in my view. For a short term trade, I need to watch the market in order to adjust my position when needed.

At 330 AM this morning, a bullish price pattern appeared at at bull trend line. I should have exited the short, and went long at around 1311.

I saw this trend line last night, but of course I wanted to maximize my profit potential. Next time I should go for the shorter target since I must sleep and forget about the market.

For tonight, we are at a level that is being rejected.... I'm not getting bullish here. I'm waiting for a bull TL break, then a bearish price pattern.

 

[masterm1ne]

I was home to day trade yesterday. I had a very good day until my last trade. I went +$400 to -$500.

I did a very good job playing the range. I focused on the long side because of what I observed from the COT... However, there was no price action suggesting a good buy. I averaged down into a position where I expected support and exited as the market fell farther. I was stuck in the range trading mode with calls for some anticipation.

The proper side to me was short.

I for some reason ignored all what price was telling me in larger time frames. The best trade according to proper analysis was at 4 AM on Friday morning.

 

[masterm1ne]

Shorts around 1322 were very solid trades as well, especially after the range developed (selling the tops of ranges is a logical trade). The larger time frame made it clear the failure of this level was likely.

Get out of the short when a close occurs above the bear trendline.

 

[masterm1ne]

I wanted to do a quick scalp overnight, however, I was way too early.

I had the direction right. My buy stop ended up being at the exact top of price action. Typical.

 

[masterm1ne]

Same old thang. Post market 30 May 2012 what I strive to capitalize on.

 

[masterm1ne]

Why was there buying today?

 

[masterm1ne]

And

 

[masterm1ne]

Uh oh

 

[masterm1ne]

So, the bear TL failed to contain price, but after the break, there was a bullish pattern.

 

[masterm1ne]

This week, I am going to trade an edge I have defined over the past few weeks.

I followed the plan 100% today. I avoided chop mid day, as the trend consolidated. My first trade was around 9 am, the second was around 2 pm.

I traded the ESM this AM and switched to ESU around 1400 central.

Looking over the ESU contract, there were 12 trades I could have taken between the hours of 830 and 1515. 10 of those would have hit their profit target. The losers were 2 pts and 3 pts. The winners were all 2 pts.